Peter Thiel, managing partner, Founders Fund

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(AXIOS) – Billionaire venture capitalist Peter Thiel has told the McConnell-aligned Senate Leadership Fund he is willing to make a multimillion-dollar investment in the Arizona race on the condition the super PAC finds matching funds, Axios has learned.

With less than a month until the midterms, a late cash injection of this scale could prove decisive in one of 2022’s key Senate battlegrounds. Senate Minority Leader Mitch McConnell’s (R-Ky.) team has said they are open to the idea but haven’t yet raised the funds.

The assumption in GOP political circles was that Thiel and SLF had abandoned Republican nominee Blake Masters, who has consistently trailed Democrat Mark Kelly in polling.

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